Wall Street Bankers' Bonuses Jump 17% to $184,220
The annual bonus for Wall Street workers went up 17% last year to $182,220, the highest since 2006, estimates the New York State Comptroller Thomas P. DiNapoli.
According to a press release, the jump can be explained by securities industry profits rising dramatically in 2017 for the second consecutive year. Profits totaled $24.5 billion in 2017, the highest level since 2010. DiNapoli said, "When Wall Street does well, the city and state benefit from higher tax revenues."
The average salary in New York City’s securities industry was $375,000 in 2016, which was five times higher than the rest of the private sector. The press release adds, the securities industry only accounted for less than 5 percent of private sector jobs in the city in 2016, but it generated more than one-fifth of all private sector wages paid in the city.